Market Analysis: Bitcoin (BTC) Hits New 2019 High Of $8,300 During the Early Morning Hours Before Pulling Back To $7,600 Support Level, Ripple (XRP) Rallies 18%, Crypto Market Mixed

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Yesterday afternoon, just after 5 p.m. Eastern time, the price of Bitcoin (BTC) exceeded $8,000 for the first time in 2019 and then rose as high as $8,300 on Bitstamp at 3 a.m. Since then, Bitcoin (BTC) has been on average declining but quite volatile, with the price swinging as low as $7,630 and as high as $8,200. Currently, Bitcoin (BTC) is just above its lows for the day.

There appears to be support at $7,600, and this is the level to watch to see if a bigger down move will take place. Resistance at $8,300 is the level to watch to see if the bull run can continue.

The stock market did poorly yesterday, with the Dow Jones Industrial Average (DJIA) declining over 600 points, and this perhaps helped fuel the Bitcoin (BTC) rally via traders moving money from stocks into Bitcoin (BTC). Today the DJIA rebounded 200 points, temporarily suppressing fear in the stock market, and this possibly slowed down the movement of capital from stocks into Bitcoin (BTC). It seems the stock market is becoming increasingly correlated with the Bitcoin (BTC) market, which makes sense since Bitcoin (BTC) is one of the only profitable assets in the event of a stock market recession.

Bitcoin (BTC) dropping from $8,300 to $7,700 has caused some major cryptocurrencies to drop into the red. Bitcoin Cash (BCH) is down 5.7%, Litecoin (LTC) is down 2.2%, Binance Coin (BNB) is down 4.3%, Monero (XMR) is down 0.1%, and Bitcoin SV (BSV) is down 2.1%. That being said, today’s losses have only put a slight dent in the past week of gains for these cryptocurrencies.

A majority of cryptocurrencies are still in the green. Ethereum (ETH) is up 1.4%, EOS is up 1.8%, Stellar (XLM) is up 7.4%, Cardano (ADA) is up 4.9%, Tron (TRX) is up 4.6%, Dash (DASH) is up 1.4%, IOTA (MIOTA) is up 4.6%, Tezos (XTZ) is up 1.1%, and Dogecoin (DOGE) is up 8.8%.

The most profitable cryptocurrency today is Ripple (XRP), which has seen an 18.4% gain in the past 24 hours. Ripple (XRP) rallied from $0.325 around 8 p.m. yesterday evening to as high as $0.41 around 11 a.m., but it has now leveled off near $0.39.

The total crypto market cap reached a new 2019 high of $245 billion around 4 a.m. Eastern time, when Bitcoin (BTC) was near its highest prices of the year so far before declining to $232 billion currently.

The total crypto market cap is now 132% higher than it was during the bear market low in December. It is prudent to wait for the next CME Bitcoin futures expiration at the end of May, and to see if Bitcoin (BTC) remains bullish after that, before declaring that the bear market is over however.